APRA publishes data management guide
09 September 2013
The Australian Prudential Regulation Authority has issued guidelines on data risk management for general insurers, and warned them to “think long and hard” before outsourcing data management…
Regulatory & Government
Catlin underwriter outlines perils of D&O
09 September 2013
Company directors face “a myriad of different rules in different states” regarding directors’ and officers’ insurance, according to Catlin Australia Senior Underwriter for Financial and Professional…
Insurers act on pet cover disclosure
09 September 2013
Pet insurers have improved product disclosure after a series of complaints from consumers, according to the Australian Securities and Investments Commission…
Queensland eases law on workers’ comp self-cover
09 September 2013
The Queensland Government has relaxed its rules on employers self-insuring for workers’ compensation…
NZ regulator sets limits on insurance wording
09 September 2013
The Reserve Bank of New Zealand has issued guidelines on groups that can use descriptions such as insurance, assurance, underwriter and reinsurance…
Insurers raise concerns over APRA risk appointments
02 September 2013
General insurers have questioned the Australian Prudential Regulation Authority’s proposal for the appointment of dedicated chief risk officers…
Car financiers to refund $15 million after ASIC crackdown
02 September 2013
More than 30,000 car owners will receive more than $15 million in refunds after an investigation uncovered improper financing of tyre and rim insurance premiums by some of Australia’s largest car financiers…
ICAAP ‘poses challenges’ to boards
02 September 2013
Insurance company boards are struggling to engage with the internal capital adequacy assessment process that was introduced earlier this year, Finity Consulting Principal Scott Collings says…
Jury’s out on regulatory reforms: IAG
02 September 2013
General insurers are still assessing whether the current wave of new regulations will benefit consumers, IAG Chief Actuary Tim Clark says…
S&P warns insurers over capital costs
02 September 2013
Insurers’ high cost of capital is a major concern for ratings agencies, according to Standard & Poor’s Head of Research Asia-Pacific Michael Vine…
APRA sets out GI agenda
26 August 2013
The general insurance industry faces fresh scrutiny from the Australian Prudential Regulation Authority this financial year…
Broker Brad hasn’t been banned
26 August 2013
Sydney broker Bradley Lofts found himself caught in a bizarre coincidence last week when the Australian Securities and Investments Commission permanently banned a Queensland financial adviser…
ASIC to drop training register
26 August 2013
The Australian Securities and Investments Commission plans to scrap its register of approved training courses for financial product advisers and instead hand responsibility to educators and industry bodies…
NSW CTP revamp ‘put back a year’
26 August 2013
Compulsory third party reforms in NSW will be delayed at least a year after the State Government withdrew legislation from Parliament, according to IAG…
Matcham resigns from Australian Reinsurance Pool Corp
26 August 2013
David Matcham will step down as CEO of the Australian Reinsurance Pool Corporation when his contract ends early in October…
NZ adds unfair contracts to consumer reform
26 August 2013
The New Zealand Government proposes adding unfair contracts in insurance to consumer law reforms currently before Parliament…
APRA allows transition year for new standards
19 August 2013
The Australian Prudential Regulation Authority has delayed new rules for conglomerates and moves to harmonise risk management standards across general and life insurers and banks…
FSL Monitor steps up premium investigation
19 August 2013
Victoria’s Fire Services Levy Monitor Allan Fels has begun checks on insurers’ premium pricing to ensure it reflects removal of the charge since July 1…
NSW drivers ‘to pay less’ under planned greenslip reform
19 August 2013
Reforming the NSW third-party motor insurance scheme could shave $97 from the average premium next year, according to a report on the impact of switching to a no-fault program…
ICA seeks delay on reinsurance counterparty data
19 August 2013
The industry needs more time to comply with a proposal to collect data on reinsurance counterparties, according to the Insurance Council of Australia…